C4_Post-Test - Post-Test...

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Post-Test (See related pages) 1 Marginal utility is: A) the satisfaction obtained by consuming one additional unit of a good or service. B) the additional or extra satisfaction from another good or service. C) the responsiveness of quantity demanded to a change in price. D) Both A and B are true. 2 Which law states that the additional satisfaction of a good declines as more of it is consumed in a given time period? A) Law of diminishing returns B) Law of diminishing marginal utility C) Law of demand D) Law of supply 3 Which of the following goods would tend to have an inelastic demand? A) airline travel B) new cars C) private education D) cigarettes 4 Demand is elastic if the absolute value of E is _____ one. A) greater than B) less than C) equal to D) greater than zero but less than 5 If the price increases or decreases, total revenue will not change if demand is: A) elastic. B) inelastic. C)
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This note was uploaded on 01/28/2011 for the course PAS 2201 taught by Professor R.nair during the Spring '10 term at St. John's.

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C4_Post-Test - Post-Test...

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